It limits the IP fuel output based on boost pressure. It's essentially an emissions device thats designed to prevent a big plume of black smoke from exiting your tailpipe during a full throttle start. If you are conscious of your right foot, and your ability to smoke out those behind you then you'll be fine without it.

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2004 F150 4.6L -My Daily
2007 Volvo XC70 -Wife's Daily
1998 Ford F150 -Rear ended
1989 J-spec 420SEL -passed onto its new keeper
1982 BMW 733i -fixed and traded for the 420SEL
2003 Volvo V70 5 Speed -scrapped
1997 E290 Turbo Diesel Wagon -traded for above
1992 BMW 525i -traded in
1990 Silver 300TE -hated the M103
1985 Grey 380SE Diesel Conversion, 2.47 rear end, ABS -Sold, really should have kept this one
1979 Silver 300D "The Silver Slug" -Sold